The Task Force emphasized on the lessons that can be learnt from now industrialized countries of Europe, North American emerging G20 markets as well as non- G20 Emerging Market Economies (EMEs). With growth of per capita income in these countries, there has been growth in public expenditure to GDP ratio, rising from 11% in 1880 to approximately 40% in 1980. The stature of the state in Europe and North America in economy expanded in three core domains: By public expenditure on health services, Education and Social Transfers (including both Social Insurance and Social Assistance).
The Task Force suggested that for present EMEs with rising per capita income since the last three quarters of a century, the emphasis should be more on increase in allocations like public health services, education systems and social security systems specifically.
The Summit provided an appropriate platform for experts and Trade Unions to commit towards an increase in allocations to the financing of social insurance, owing to the high incidence of informality in EMEs.